On looking at the VIP Store it seems that both these bonuses will be immediately placed as cash in your account.

If you view the bonus in the VIP Store Section you will see it for yourself.

Here is the quote from the site:

"We're always telling you that your FPP are as valuable as cash, and now our VIP Reward Bonuses prove it! Use your Frequent Player Points to purchase a VIP Reward Bonus from the VIP Store 100,000 FPPs and $1,500 will be credited to your account instantly"